The current Bitcoin price momentum has a lot of people excited, as the currency has witnessed its largest gain in two weeks partly due to rumors of major financial names entering the cryptocurrency space.
Financial Giants Focus on Bitcoin
For the longest time, experts within the financial sector have ignored cryptocurrencies by calling them all sorts of names. However, that situation has come to change rather drastically over the past 12 months, especially since more and more big-name financial players have started to invest in cryptocurrencies.
The latest individual who is paying attention to Bitcoin is Steven Cohen. The billionaire investor is said to have put money into a crypto-oriented hedge fund. Additionally, there is also a rumor regarding BlackRock investing in cryptocurrencies, primarily through futures contracts.
This renewed interest in cryptocurrency and blockchain has triggered a major market change, with nearly all of the major cryptocurrencies noting major gains in the past two weeks. However, the bigger question is “how long can this momentum remain in place?” For now, it appears as though most regulatory decisions seem to be favoring Bitcoin and other alt-currencies– which is a promising sign.
More money entering the cryptocurrency space can only be considered to be a good thing, especially considering how the markets have seen major declines throughout the first half of this year.
None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.